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Answers (5)
Best Answer
- Keith & Kinsey Schulz, "Keith And Kinsey"
- Contributions:76
There are some decent refinance programs for houses underwater. Have you crunched the numbers to see if a refinanced mortgage would get you close to breaking even on the renting your house? It may be worth it if it will allow you to hold on until the market recovers. What market are you in?
- Geofrey Merino, "GMerino"
- Contributions:444
You would be able to purchase another home with VA financing. It would need to be your primary home, which in your case from what I am reading you are currently renting out your home and it is being managed by a professional company. With that said, your VA eligibility will determine 100% financing or not.
- gregerica
- Contributions:2
I appreciate the feed back. Actually our home still remains our primary residence the situation on the rental is relative to a medical institution agreement we continue to utilize our home. So our tenanants are intern medical professionals that are not interested in purchase. I do have a management company maintaining the property. We are interested in purchasing a second home with the exceptionally low interest rates we feel we could lower our living expenses. We are located in New Mexico. Rental properties are a premium. I am also a veteran and could utilize my VA benefits. I am interested in what programs we have available to us. We refuse to give in and fall victim to mortgage failure. We have always stayed and purchsed in our means we sure didn't predict this great of a market collapse. We appreciate the feed back. Thank you
- Jim Starwalt, "jimstarwalt"
- Contributions:2512
Since this is no longer you primary residence, you will have to refi at a higher interest rate, this also will require a minimum of ten, probably twenty percent equity in the home. Are your tenants interested buying your home as a short sale? This could be worked out with no loss of rental income and not harm your credit to badly, and the buyer/tenant would probably get a good deal on the home. Additionally, as Sharon has mentioned, scale down and spend less on the rental you are living in. Good luck, Jim
- Sharon Lewis, "Sharon Lewis"
- Contributions:3916
Unfortunately there are so many people in this same position and they can refinance only using their original home as an income property. How long have you rented your personal home? Try to refinance, talk to a local lender. Raise the rent. Those are your options. Rent a place that is less expensive than you are currently paying.
Do we refinance?
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